Equity group lines up €244m flotation
Published 17/03/2011 | 05:00
Atlantic Bridge Ventures, the Irish private equity group that was co-founded by entrepreneur Brian Long and backed by businessmen including Denis O'Brien and Dermot Desmond, is helping to line up a $340m (€244m) stock market flotation of US-based video technology firm Envivio.
Speaking at a mergers and acquisitions seminar in Dublin this week, Mr Long said that Envivio had engaged US investment banks Piper Jaffray and Stifel to spearhead the Nasdaq flotation, which is expected to take place in July.
The flotation, which will value the firm at between $280m (€201m) and $340m, according to Mr Long, is likely to result in a strong return for Atlantic Bridge, which co-led a $25m (€18m) investment round in Envivio back in 2008.
Mr Long did not specifically name the company that would be making its stock-market debut, but the Irish Independent understands it to be Envivio. Mr Long and two other directors with Atlantic Bridge could not be contacted.
Bob Stockwell, a spokesman for Envivio, said that he was unable to comment at this time.
Mr Long said this week that the target flotation company currently had annual revenue of approximately $40m (€28.7m) and was on target to grow that to $70m (€50m).
Envivio provides encoding and transcoding technology to media companies and other large service providers.
Last month, Envivio said that its financial year ended on January 31 had been the most successful in the company's history, with revenue and sales bookings having doubled in the year.
Atlantic Bridge also currently has stakes in companies including Dublin-based Accuris Networks and Cork-based Biosensia.